US corn loadings are 50% lower so far this month than in May, and currently at 106,521 Mt/d. Loadings normally decline after a peak sometime between March and May, as the new crop is planted and developed. This month’s drop is slightly larger than average, with June loadings falling 14% in 2020, 56% in 2019 and 4% in 2018.
Corn prices are higher today, after weekend rains saturated much of the Midwest. The rally is being fueled by worries about excess rain creating flooding conditions. It is countered by other parts of the corn belt, which were experiencing drought conditions, and found the rain to be beneficial.